Finding Guaranteed Secured Loans
Guaranteed secured loans are not advertised often because unlike with other loans
, the guarantee is unnecessary.
When you have collateral, even with bad credit, it is very likely that you will have virtually no problems finding financing.
Lenders determine approval and interest rates largely on the level of risk there is that you will not repay them. When you offer collateral you are greatly lowering their risk. If you fail to make payments they can now repossess the property you agreed on and sell it to make up the difference.
Of course, you don't want this to happen. Not just because you'll lose your property, but also because it doesn't look good for your credit, the lender would generally prefer that you make your payments as well because selling your property and going through the paperwork does cost them.
For collateral you can use real estate, which is the only kind of collateral most banks will accept. Other lenders, however, will accept a vehicle, jewelry, or other collectible items of value. With jewelry or collectibles most lenders will want to hold the item in a safe until you have completed your payments.
Because of this lowered risk guaranteed secured loans become largely unnecessary. Even with bad credit you should be able to find approval, and your interest rates should be better than they would be without collateral too.
You can find hundreds of online lenders; I recommend finding five companies to compare rates and terms, this way you know you found the best possible deal and avoid experiencing buyers remorse and wondering if you could have gotten a better deal elsewhere.
When you have bad credit and have been turned down in the past it can be hard making the decision to go out and apply again, in fear of repeated rejection. However, by offering up collateral you have already improved your overall borrowing experience, and you no longer need guaranteed secured loans services.
by: Jennifer Quilter
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